HP Inc. Reports Fiscal 2022 Third Quarter Results

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Three months ended
	July 31, 2022			July 31, 2021
Cash flows from operating activities:
Net earnings	$	1,119		$	1,108
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		181			196
Stock-based compensation expense		70			69
Restructuring and other charges		13			56
Deferred taxes on earnings		52			(143	)
Other, net		57			153
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		985			168
Inventory		700			(670	)
Accounts payable		(1,472	)		625
Net investment in leases		(53	)		(40	)
Taxes on earnings		(97	)		118
Restructuring and other		(39	)		(51	)
Other assets and liabilities		(1,122	)		(496	)
Net cash provided by operating activities		394			1,093
Cash flows from investing activities:
Investment in property, plant and equipment		(195	)		(158	)
Proceeds from the sale of property, plant and equipment		25			—
Purchases of available-for-sale securities and other investments		(42	)		(11	)
Maturities and sales of available-for-sale securities and other investments		1			9
Collateral posted for derivative instruments		—			275
Payment made in connection with business acquisition, net of cash acquired		—			(412	)
Net cash used in investing activities		(211	)		(297	)
Cash flows from financing activities:
Proceeds from debt, net of issuance costs		2,026			2,014
Payment of debt		(45	)		(1,066	)
Stock-based award activities and others		9			8
Repurchase of common stock		(1,029	)		(1,507	)
Cash dividends paid		(255	)		(230	)
Settlement of cash flow hedges		20			—
Net cash provided by (used in) financing activities		726			(781	)
Increase in cash and cash equivalent		909			15
Cash and cash equivalents at beginning of period		4,477			3,424
Cash and cash equivalents at end of period	$	5,386		$	3,439

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